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HELLENIC REPUBLIC HELLENIC STATISTICAL AUTHORITY Piraeus, 8 March 2017 PRESS RELEASE ANNUAL NATIONAL ACCOUNTS: Year 2016 (1st estimation) The Hellenic Statistical Authority (ELSTAT) announces the first estimate of the Gross Domestic Product (GDP) for the year 2016. This estimate is derived from the sum of the corresponding (non-seasonally adjusted) quarterly levels of year 2016 resulted from incorporation of updated data from sources. These data are either monthly data (balance of payments data, external trade data) or quarterly data (turnover indices for the service industries, labour force survey data and General Government data). According to this estimate, GDP in volume terms recorded 0.0% annual rate of change in 2016. (TABLE 2) It should be noted that according to the procedures followed by ESA 2010 Transmission Program, a second GDP estimate for the year 2016 is scheduled to be released on October 17, 2017. The second estimate is based on annual data provided by the sources( Annual Structural Business Survey , estimates of final consumption expenditure of households from Household Budget Survey, annual Balance of Payments and External Trade data, annual General Government data, etc) and with the method of supply and use tables per product. Gross Domestic Product – nominal change GDP (market prices) for 2016 amounted to 175.9 billion € compared with 175.7 billion € for 2015 (0.1% increase). This increase is on account of the specific changes that have been recorded per component of GDP, which are presented in the following table: TABLE 1 (Ιn million €. At current prices) Code ESA 2010 2015 2016 Nominal change (%) PRODUCTION APPROACH B.1 D.21 D.31 Gross value added (at basic prices) Taxes on products (-)Subsidies on products EXPENDITURE APPROACH 155098 22259 1660 153426 24203 1741 -1,1% 8,7% 4,9% P.3 Final consumption expenditure Households and NPISH General Government Gross capital formation Exports of goods and services (-)Imports of goods and services INCOME APPROACH 158175 122833 35341 17270 56074 55821 158573 124032 34542 18494 53037 54216 0,3% 1,0% -2,3% 7,1% -5,4% -2,9% Compensation of employees Gross operating surplus / mixed income Taxes on production and imports (-)Subsidies on production GROSS DOMESTIC PRODUCT at market prices *Small deviations in sums are due to rounding. 57078 94508 28493 4382 175697 58742 91360 30211 4425 175888 2,9% -3,3% 6,0% 1,0% 0,1% P.5 P.6 P.7 D.1 B.2 D.2 D.3 B.1*g Information: National Accounts Division Quarterly, Regional & Satellite Accounts Section Andriana Dafni, [email protected] Tel +30 213 135 2084 Fax +30 213 135 2552 1 Gross Domestic Product – change in real terms GDP for 2016 in volume terms, amounted to 184.5 billion € compared with 184.5 billion € for 2015 (0.0% change). This rate of change is on account of the specific changes that have been recorded per component of GDP, which are presented in the following table: TABLE 2 (In million €. Chain-linked volumes, reference year 2010) Code ESA 2010 Change in volume terms (%) 2015 2016 164946 164893 0,0% 20977 21050 0,3% 1397 1403 0,4% 167679 168766 0,6% 127077 128903 1,4% 40486 39638 -2,1% PRODUCTION APPROACH B.1 Gross value added (at basic prices) D.21 Taxes on products D.31 (-)Subsidies on products EXPENDITURE APPROACH Final consumption expenditure P.3 Households and NPISH General Government P.5 Gross capital formation 19575 19427 -0,8% P.6 Exports of goods and services 57158 56015 -2,0% P.7 (-)Imports of goods and services 60205 59940 -0,4% B.1*g GROSS DOMESTIC PRODUCT at market prices 184468 184490 0,0% *Chain-linking applies to each component separately. Therefore, chain-linked components do not sum up to chain-linked GDP Detailed Information Detailed tables with data of annual national accounts are available on the website of ELSTAT at the following URL: http://www.statistics.gr/enstatistics/-/publication/SEL15/- 2